I've played with PowerShell since the early, early betas (post PDC 2003) and it has been my primary shell since September 2005. I think the name is very fitting because it sets expectations appropriately. PowerShell is very powerful but it takes a bit of investment to learn. It is definitely not like your father's shell. However that investment pays big dividends as you are then able to solve quite complex and/or tedious tasks with PowerShell very easily.
I totally agree with Bruce on WMI. It seemed mysterious and weird to me until PowerShell totally lowered the barrier to entry with Get-WmiObject. Now I'm blown away by how much information there is about a computer in WMI. Since then I've taken those PowerShell learnings and have used them in my production C# code.
As a .NET developer I really appreicate the REPL (read-eval-print loop) nature of PowerShell. I rarely have to write one-off VS projects (ConsoleApplication42 anyone?) to experiment with some .NET type or formatting string. This saves me quite a bit of time. Most developers realize that to get ahead and set themselves apart from the average developer is to have mastered the right toolset.
I've said this before and I'll say it again, it strikes me as ironic that one of the most innovative products to come out of Microsoft in the past year is a new command line interface.